1062 (Tax) What to do if my acknowledgement ITR V has been received after due date? Case Methodology - Harvard Case Model Video Link - https://youtube/watch?v=y2Uxa65SbP8 By - Amlan Dutta Many taxpayers are finding themselves in a similar situation and actually even i had a similar issue . So this case is actually own live case for assessment year 2014 15 . I had filed my return ITR 1 before due date (i.e 31st July 2014 ) ( non audited case ) under section 139(1) but for some reason i had failed to send the acknowledgement generated ITR V before 120 days ...Assume ,.i had filed and uploaded the online return on 20th July , i get my ITR V on same day which i am supposed to send within 120 days to the department ...unfortunately i couldnt and i send it after 120 days ...now my account reflects that the acknowledgement has been received after due date and which implies that the return will never be send to the acknowldgement officer for assessment . Now my dilemma is at this point i.e 21 Nov ,which is much after due date , do i file a belated return under section 139(4) or file a revised return under section 139(5) .So , the answer here is filing a revised return because when uploaded our earlier return , we have already filed and uploaded our information before due date on the tax server (with a acknowledgment number generated )----This automatically implies that the original return has been filed before due date ...so if acknowledgement is send after 120 days , it doesnt mean , that the return itself has been not filed ...it simply means that the return is not valid and so you have to now file a revised return ! So , i file a revised return and for that revised return , i the generated acknowledgement for the revised return (ITR V ) has to be send within 120 days exactly like for any other acknowledgement ! I did this and send both acknowledgements both for original return and revised return in the same envelope and the ITR V was accepted and processed as can be seen in the tutorial ! The main confusion here arises because people start thinking that the due date has already passed and there has been delay in sending ITR V , so perhaps the entire return filing is treated invalid . Thankfully the department favors the taxpayer in such a case , but make sure that the revised return is done immediately once you are made aware of it because there is time limit for filing the revised return also which is 1 year from the end of the assessment year or completion of assessment of returns by the assessing officer whichever is earlier , Cheers , Amlan Dutta
Posted on: Thu, 11 Dec 2014 07:32:16 +0000
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